Sydney residential vacancy rates continue to be tight despite a slight rise in availability, according to data released by the Real Estate Institute of New South Wales.
The January 2014 REINSW Vacancy Rate Survey saw the number of properties for rent rise 0.1 per cent to 1.9 per cent.
“The middle* suburbs led the rise with an increase of 0.4 per cent in availability to 2.3 per cent,” REINSW Deputy President John Cunningham said.
“This rate was last seen just over 12 months ago in December 2012.”
Availability in the inner* suburbs remained steady at 1.8 per cent, while the outer* suburbs rose 0.1 per cent to 1.7 per cent.
“Sydney has not seen significant rises in recent months and there is a great deal of pressure on the residential property market. We must make property more attractive to investors with the appropriate incentives, especially during a time of low interest rates and a volatile share market,” Mr Cunningham said.
In the Hunter, availability slipped 0.4 per cent to 3.1 per cent, led by a 0.4 per cent decline in Newcastle at 2.7 per cent.
The Illawarra was a mixed bag with a 0.1 per cent increase, despite a 0.3 per cent decrease in availability in Wollongong at 1.8 per cent.
In regional areas, a slip of 0.2 per cent saw Murrumbidgee with the lowest availability at 1.8 per cent and Albury dropped 0.4 per cent to 1.9 per cent.
Coffs Harbour rose 0.7 per cent to 4.1 per cent and the South Eastern region jumped 0.4 per cent to 4.8 per cent, the highest in the state.
Northern Rivers also added 0.4 per cent at 2.7 per cent and the Central Coast gained 0.3 per cent to 2.7 per cent.
For further information or to arrange an interview with REINSW Deputy President John Cunningham, please contact: Helen Hull – 0419 642 961 or email@example.com
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.